Gary Storr's blog

Preparing For Ever-Changing Supply Chain Regulations: But Where’s Procurement?

Supply Chain Regulations

Mandatory enforcement of human rights, environmental due diligence and even data privacy are a few examples of the regulatory challenges procurement faces in managing complex global supply networks.

I could also talk about the negative impact that a failure to address these regulatory conditions can have on an organization's brand as a company and employer. Of course, it's not exactly a revelation that negative press regarding regulatory violations will certainly impact your image with the public, e.g., your customers. However, did you realize that in a highly competitive job market, "58% of candidates surveyed said they consider a company's social and environmental commitments when deciding where to work." This mindset isn't just a checkbox sentiment: "55% said they would choose to work for a socially responsible company, even if the salary was less."

While employee attraction and retention are not often discussed in the same breath as ESG regulatory compliance – at least not enough, it is yet another indication of the expanded importance and impact of getting ESG right. In other words, people are taking this seriously.

Learning How To Get It Right

Given ESG's recognized importance, I will be part of the panel discussion on preparing For Ever-Changing Supply Chain Regulations at the upcoming SIG Procurement Technology Summit.

We will specifically get into the critical aspects of identifying and managing compliance risks in your supply network, focusing on the following four Learning Objectives:

Gary Storr, Trust Your Supplier General Manager